Your smartphone might soon be the only thing you need to withdraw cash from ATMs


Ah, the wonders of mobile technology! It looks like credit and debit cards might no longer be the go-to option for ATM cash withdrawals in the near future, as a bunch of big US banks are planing to streamline the process with the help of smartphones.

Wells Fargo customers will be the first ones to enjoy withdrawing money by only using their handsets, after the financial institution decided to apply the technology to all of its 13,000 ATMs following a series of trials. Starting on Monday, each of the 20 million people that use Wells Fargo Mobile will be able to access their accounts by simply providing their PIN in combination with an 8-digit code that is automatically generated through the app.

It is important to mention that these codes can only be used once (you'll have to generate another one for future withdrawals), and that the cash machines will still be compatible with regular cards.

According to Jonathan Velline, Wells Fargo’s head of ATM and branch banking, the two-step smartphone authentication is a more convenient and secure method compared to charge cards:



Other big banks are also interested in the diversification, with JPMorgan Chase & Co. and Bank of America being the most likely candidates to introduce the technology next.

source: Reuters via The Verge

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10 Comments

1. baluraj

Posts: 1; Member since: Mar 24, 2017

I am using applepay to withdraw cash from BOFA, from last 5 months...

2. DavMor0069

Posts: 266; Member since: Dec 09, 2015

Ikr,I have been using samsung pay in bofa for quite some time now. Their ATMs clearly display the NFC logo

4. Mxyzptlk unregistered

MST will be outdated soon.

3. Fellwalker

Posts: 542; Member since: Apr 04, 2014

So it has finally got across the pond? I've been doing this in the UK for a couple of years at least.

5. geordie8t1

Posts: 314; Member since: Nov 16, 2015

where and how? using the natwest code method or is there NFC enabled cash machines? i didnt even know this was a thing except with natwest

6. Unordinary unregistered

Been withdrawing with my iPhone only for about half a year now

7. lucasrizzo

Posts: 4; Member since: Mar 02, 2016

Jesus Christ. This is a thing in Brazil for years. I can't believe how far behind the USA banks are.

8. deewinc

Posts: 455; Member since: Feb 21, 2013

As far as know, this thing has existed in Kenya for the last 7 years through Mpesa service. Then for the last two years through a different bank, Equitel. You don't even need a smartphone. A basic phone would serve you right.

9. xondk

Posts: 1904; Member since: Mar 25, 2014

Considering here in Denmark we are quite quickly walking towards no paper currency at all this seems like a......very odd thing, to be 'news' worthy, and we've had wireless payment for a good while now in one form or another, heck they've had to outsource creation of our cash because of lack of use causing less wear and tear and it simply isn't cost effective to have our own mills for it?

10. Ozsikhs

Posts: 58; Member since: Sep 03, 2015

We are using this technology/method in AUSTRALIA from last 3 years

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